Triangle MANIA.. Bitcoin is going DOWN (UPDATED: $4,000 INCOMING?)!
Seems we have a bit of a pattern going on...
Who knew such a simple shape would tell us so much? :)
(Although crypto addicts will tell me i'm wrong, sorry guys I can't lie, and I won't lie on what I think. I could very well be wrong yes, but this is my belief of what will happen and I will not censor this because it's not what people want to hear!)
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
Interesting article!
Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
For me your missing the big triangle and comparing failed breakouts to the current successful breakout. From this point of view BTC would just go down forever (there has to be bottom). Fundamentally there's very little BTC & no sellers left. I mean who in their right mind would sell BTC right now unless it was to buy Alts?
Not sure what your first sentence means honestly man I see no "big triangle" that I am missing and no idea what failed breakouts you are talking about. To state that "there's very little BTC and no sellers left" is an opinion unless you care to provide proof? No one can know how many people will become sellers in the future of any market and I do not claim to know just speculating what price might do. I can think of many people who would sell BTC right now, people who bought in on the way down and didn't think price would go this low and so are not willing to lose anymore, also people who bought before the 20k but held and seen most or all of their profits vanish might very well want to sell right now. This is all my opinion and what you stated is your opinion, only time will tell who's right my friend!
One last point, "there has to be bottom"... yes there does and it could be $0.
The whole thing is a downward pointed wedge from the last two months. If you were to make the last triangle parallel to the one above the breakout is apparent. Since BTC has been rising, stop loss (those not wanting to lose more) makes no sense and those people have already sold. BTC has finite amount of coins with many lost over the years when it had little value, this is not a guess.
I would love to see that downward pointed wedge, if you want to post an image you can, if not I respect it. And one thing we cannot agree on for sure is that bitcoin has been rising overall. Bitcoin has been rising only for 4 days... it has done that plenty of times on the way down, why will it go back up overall now and not just keep on going down as it has been? You are guessing my friend and so am I, no one knows for sure.
We can make our best assumptions using TA and other confirmations of which I'm still learning. As such I'm wary of post that may be misleading, thanks for clarifying yours is a guess. Wishing you blessings friend.
Analysis is not the same as guessing
........as soon as you buy a coin, you're potentially a seller. A buyer always becomes a seller. (buy a Lambo for your BTC and you're a BTC seller)
And yes, the bottom of every coin is 0 nada njente nothing zero
Who in their right mind would buy a Lamborghini when you could wait a couple of months and buy 3?
Using averages one can determine the mean price of a coin based on trendline to determine value. BTC is in the 10k range using this type of logic.
Are you sure this breakout is more successful than the last one ?
It does have more volume because there's less FUD - that's all.
You can of course draw triangles wherever they fit, if they make sense is another matter.
But Bitcoin follows the curves since weeks...
Awareness is key and I'm happy to understand and anticipate possible pathways. The media has turned a bullish outlook with BTC predictions and worlds richest in Forbes. It's not a matter of if but a matter of where the bottom is. I see a second inverse shoulder but much fud still exists from BTC's last free fall.
Let's hope for a rapid fall towards 4k, maybe 4600 or something... that really would be such a great price nobody could resist buying. I think that would be it, simply because we have been expecting it to happen at 10k, at 8k, at 6k... and because the "necessary" 80% would be reached. Human nature is much about flagellation.
The big boys got what they wanted at 6k and there's no going back IMHO
Big Boys never get what they wanted, they always want more!
More for them is now up.
You are getting better.
It's not a patern. You've got one "Expanding Triangel" and one "Symmetrical Triangel" and the rest is in progress without any answers yet.
But I still believe the $ 6.000,-- has to be tested once more. Only not because of your chart
Yup, it's my guess of what will come next, the third pattern is far from proven, did you not see both of the question marks?... Another triangle anybody? <--- and $4,000 incoming? <---
I am not saying this is what will happen my friend, simply putting my guess out there just like what you have done with your $6,000 test. I respect your guess and I hope you respect mine.